Confucius Institute Proposal - Pace University



|Pace University |

|Chinese Economic Studies |

|A Unified Approach |

|Professor Joseph C. Morreale, Director |

|Professor Anna Shostya, Co-Director |

|Professor Mark Weinstock, Co-Director |

|Pace University |

|11/3/2010 |

|Revised 12/1/11 |

| |

Chinese Economic Studies

Submitted for Approval to the NY Faculty Council

December 9, 2011

By

Professor Joseph C. Morreale, Director

Professor Anna Shostya, Co-Director

Professor Mark Weinstock, Co-Director

Economics Department, Pace-NY

Background:

Three faculty members of the Economics Department in New York, Professors Morreale, Shostya and Weinstock, have created a team effort to become experienced in Chinese culture and to develop courses with a special program that brings them to Shanghai, China every winter/summer for five weeks. Professors Shostya and Weinstock have been involved for over ten years with a program sponsored by Queens College-CUNY in partnership with the University of Shanghai for Science and Technology. Professor Morreale joined this team as the third member the past two summers, and all three formed a unit offering a variety of Economics and Business courses to Chinese students, including Macro/Micro Economics, Investments, Money and Banking, Marketing, Advertising, and Business Statistics. Moreover, before joining the team and during his tenure as Provost at Pace (2003-2007), Professor Morreale had travelled to China for three weeks to establish partnerships agreements with Chinese universities and also was able to gain acceptance and establish the first Confucius Institute in NYC at Pace. Our experience in China has encouraged us to pursue an idea that we began discussing with the Economics Department Chair, Dr. Anne Bynoe, two summers ago. We had discussed the possibility of introducing an academic concentration in the Economics Department focused on Chinese economic and cultural development and the increasing role of China in the World Economy. We also had this proposal reviewed and approved by Dean Herrmann and the Dyson Faculty Curriculum Committee and then the New York Faculty Council Curriculum committee.

The Rationale and Student Outcomes

The rationales for this Chinese Economic Studies concentration are as follows:

• The Continuing Academic Development and Innovation in the Globalization of the Pace Academic Experience

• The Rapidly Rising importance of the China’s Economy in the World Economy over the past 25 years

• The need to build an understanding of the Growing Relationship of the two new Super Economic Powers in the World

• The Success of the new China Model of Economic Development

• Experience of the three Professors in Studying about and Teaching in China

The gains for our students from this Chinese Economic Studies concentration that we expect can be stated as follows. At the end of this course of study students will:

• Gain exceptional and varied educational opportunities

• Experience learning environments that facilitate cultural exchanges among faculty and students in China and the U.S.

• Infuse Chinese culture and economic development into their Pace curriculum

• Enhance their writing and thinking about the world and economic development

• Improve their analytical abilities and comparative and critical thinking

The Proposal

We would like to present one unified proposal involving the team of three professors. Professor Morreale would be the Director of the concentration and head up the team. He would be responsible for coordinating the team of three and meeting all of the requirements of the University. Each of us would develop and teach a course in a different aspect of Chinese culture and its economic, historical, and political dimensions. We would also be willing to provide a travel course for students to visit China for two weeks. This would form the basis of a permanent concentration in the Economics Department consisting of 4 courses (the students will have a choice of 4 out of 5 courses). The specific responsibilities of each of the members of the team would be as follows:

• Professor Morreale would create and teach a course on “China and U.S. Economic and Political Relations: Past, Present and Future”

• Professor Shostya would create and teach a course on “Rising Powers: China’s Economic Growth and Development”

• Professor Shostya would create and teach a course on the “Political Economy of Developing Nations,” comparing China to other BRIC Countries (Brazil, Russia, and India)

• Professor Weinstock would create and offer a course on “China’s Financial System: Past, Present and Future”

• Professors Shostya and Morreale would lead a group of students on a two week travel course entitled “From Wall Street to the Great Wall.” This would explore financial markets and institutions as well as the banking systems of the two countries, and include visits to Shanghai (including the Banking Museum and the Shanghai Stock Exchange), Beijing (including the Great Wall and the China Currency Museum), and Xian (including the Terracotta Soldiers and the Silk Road). We would gladly partner with any university that the Confucius Institute would select or perhaps we could partner with the University of Shanghai for Science and Technology.

We would be prepared to begin offering the travel course this Spring 2012 and we have begun the course concentration starting from Fall 2011, with each of the four academic courses running once every 2 years and the travel course running every year. The scheduled rotation would start:

• Fall 2011: Political Economy of Developing Nations (A. Shostya)

• Spring 2012: China and U.S. Economic and Political Relations (J. Morreale)

• Fall 2012: Rising Powers: China’s Economic Growth and Development (A. Shostya)

• Spring 2013: China’s Financial System (M. Weinstock)

• Every Spring (first time Spring 2012): Travel Course-From Wall Street to the Great Wall (A. Shostya and J. Morreale)

The three faculty have also participated in the year-long Confucius Institute Faculty Seminar where we have further explored Chinese Art, Culture, History and Society and have begun to learn the Chinese language. As stated in the proposal write up, the goals for the seminar are to enhance the global curricula at Pace by increasing faculty knowledge of Chinese language and culture, promoting collaboration across disciplines, and generating interest in developing courses with a worldwide perspective. We each have some experience in one or more of these goals. Professor Shostya and Weinstock who have had an extensive experience in China (over 10 years) and Professor Morreale who traveled to six major cities and 10 different universities in China, have all learned a great deal about Chinese culture, traditions, and history (and have even gained some facility with the language). In addition, we each have promoted collaboration across the disciplines at Pace. Professor Shostya has taught a Learning Community with Professor Johnson on the “Political Economy of the European Union” for 7 years. Professor Weinstock has a taught a Learning Community with Professor Greenberg in Latin American Studies for two years. Professor Morreale has offered a Learning Community course with a Lubin Business School faculty member this past term on “Ethics, Economics, Law and Business” and has twice offered a new course for the Honors College, both in NY and PLV on “The Rise and Fall of World Empires,” which is interdisciplinary in nature and course content.

All four of our proposed academic courses would enhance the offerings at Pace. Equally important, they would become permanent parts of the Economic Department’s curriculum in the new specialized Chinese Economics Studies concentration. The travel course would add a new dimension to the learning experience in the concentration. We believe that the China concentration offered through our department will provide exceptional educational opportunities to students, create a learning environment that would facilitate cultural exchanges among faculty and students in China and the U.S., and infuse Chinese culture into the curriculum to a much greater degree than any individual course could do. In addition, we believe that the concentration would be in high demand among students from various disciplines. We would open the concentration and the specific courses up to students from other disciplines and majors. Moreover, given our Learning Community experiences and our ability to work with other faculty from other disciplines, we could easily see our faculty working with other faculty from various disciplines.

A Unified Team Approach

We strongly believe in a collegial unified approach to the development of this Chinese Economic Studies concentration first involving the three of us but then expanding to include other faculty from other disciplines at Pace. We think that our exceptional teaching, collaborative and travel experience in China are real strengths for the Confucius Institute. Each of us has been to China multiple times (for about 5 weeks each time) and has an extensive teaching experience in a joint program between USST (University of Shanghai for Science and Technology) and Queens College-CUNY, and each has had experience in teaching courses both to Chinese students in China as well as U.S. students here at Pace. Mark Weinstock, one of the organizers of this joint program, has developed course work for non-economics majors in Economics, Investments, Money and Banking, Entrepreneurship, Business Negotiations, and Business Statistics to Chinese students for more than 10 years. Anna Shostya has been teaching with great success in the program for 5 years and has traveled to China 6 times to teach Money and Banking, Investments, Marketing, Advertising, and Business Statistics. This summer she was asked by the Dean at USST to give a lecture on active and collaborative learning techniques to share her teaching experience with Chinese colleagues. The lecture was attended by more than 50 Chinese professors and graduate students. Dr. Morreale joined the program in 2010 and his Business Statistics courses became an instant success among students with his use of innovative teaching techniques. In 2011 he returned to USST and taught Financial Management to over 100 Chinese undergraduates. We have once again been asked to return to China this coming summer.

In addition, besides being exposed to Chinese culture and having teaching experience there, the team of the three of us can teach the offered courses interchangeably. We would like to make sure that the courses are offered on a regular basis and the students have a rare opportunity to learn about the Chinese culture and its economy from different perspectives. We are confident that the courses we would like to offer as part of our China concentration will become very popular among students and overall will enhance the curriculum offerings of Dyson College and the University. Finally, this new concentration would help meet the goal of the Confucius Institute in creating an interdisciplinary program in Chinese Studies for Pace. We are very excited about this opportunity and look forward to the New York faculty’s response to this proposal.

Chinese Economic Studies Concentration

Course Descriptions

Economics 359 Political Economy of Developing Nations Anna Shostya Department of Economics-NY

Fall 2011

Course Description

This course offers a historical and contemporary analysis of developing nations and their relationships with the developed world. The origins and dynamics of economic growth and development are studied in light of existing economic theories. The consequences of the entry of the world market system into formally isolated societies (globalization) are examined. The main focus of the course is on BRIC countries (Brazil, Russia, India, and China), with a specific emphasis on the issues pertaining to China. The course introduces students to the essential elements of China’s political and economic system and familiarizes them with important ramifications of China’s transition from a centrally planned economy into one that is market-oriented. One of the learning objectives of this course is to study how China and other developing nations cope with the vulnerability that arises from external shocks -- price volatility, capital flight and sudden changes in the external demand for goods and services. Particularly, the course analyzes the impact of the 2007-2011 global financial crisis on emerging markets’ real economies, financial sectors, and social development. The course also emphasizes the role of government and central banks’ actions and policy choices dealing with economic and financial stability. The goal of this course is to equip students with a deep understanding of China and other developing nations’ past and present political and economic frameworks and their impact on economic and social well-being of people around the globe.

Economics 396S: China and U.S. Economic and Political Relations: Past, Present and Future

Joseph C. Morreale Departments of Economics-NY and Public Administration Spring 2012

Course Description

The economies of the U.S. and China have recently been defined as a “Superfusion,” that is the interconnection of the two leading national economies and economic systems in the world economy. In the last 20 years, this has been the result of the recent seismic shift in the global economy and political relations between the two nations. Business activities and competitiveness have been at the heart of this transformation and fusion of the two. This course will focus its attention on how this Superfusion has come about at this point in history. The course will trace the relationship of the development of the U.S. and Chinese economies from 1850 to the present. It will analyze the forces that led to the first opening up of trade between the two nations and the initial business relationships formed. It will also connect the political relationships of China and the U.S. with these developments. The course will track the highs and lows of U.S. and Chinese economic and business relations through the late 19th and the 20th Centuries up until the present day. This exploration will include the role of capitalism and socialism in the world as they both developed and the forces that created the changes in both economic systems. Two contrasting models of economic development will be explored: the U.S.’s more business centered market economy (Corporate Capitalism) and the Chinese government’s guided planned market system (Government Driven Social-Capitalism). Each of these will be analyzed for their strengths and weaknesses, and they will be related to the two different political systems of individual-oriented democracy and socially-based autocracy.

This course aims to help both American and international students to understand Chinese economy in the era of globalization and the interaction between China and the rest of world. The major theme focuses on the process of China’s reform and open-door policy, how China interacts with the outside world in trade, finance, investment, energy, reform of international economic institutions and so on, and the implications of Chinese economic reform on the global economy.

The course will also address contemporary issues facing the two economic giants, e.g., relative currency values and exchange rates, economic and political alliances, banking and financial systems, economic planning and the development of infrastructure, freedom of enterprise and international relations and its role in the global competition for natural resources. The course will conclude with a discussion of the future of the two economic systems and their approach to economic development, the possible different paths that could be taken in U.S.-Chinese international relations and their relative future positions in the world economy by 2030.

Economics 3XX: Rising Powers: China’s Economic Growth and Development Anna Shostya Department of Economics-NY

Fall 2012

Course Description

Underdeveloped societies are agrarian and rural; developed societies are industrial and urban. Economic growth and economic development would appear therefore to imply a profound societal transition. How does this transformation take place? What are the processes that facilitate change? What economic forces underlie this transformation? Why do some countries undergo this transformation faster than others? Why do some economies grow faster than others?

This course will explore the transformation of an economy that has been growing at a speed that is startling politicians and economists alike. Just imagine – the end of a dynasty and a civil war, invasion and occupation, the spread of socialist culture and rapid modernization, Cultural Revolution and radical transformation reforms that paved the way to a market system, rapid integration into the world economy and extraordinary rates of growth – all this and much more in the course of only 100 years! An unparalleled transformation indeed! The origins and dynamics of this transformation will be studied in light of existing economic theories. The course will examine the process historically through consideration of the economic and political origins of modern China, starting from the early years of unification under the Qin Dynasty, continuing to the rise of commerce during the Han Dynasty, then on to the warring periods and inflationary pressures foreshadowing the Song Dynasty, the introduction of paper money and its acceptance during the Yuan Dynasty, and the isolation of the Ming Dynasty. The course will explore the process of transformation within a contemporary framework, exploring the consequences of growth and development on poverty, inequality, and environmental change. It will also discuss how development is affected by national policies and by global economic trends.

Economics 3XX: China’s Financial System, Past Present, and Future Mark L. Weinstock Department of Economics-NY Spring 2013

Course Description:

China’s explosive growth has taken place concurrently with the rapid development of its financial system. Has rapid growth been aided by its financial evolution or has growth occurred despite its financial backwardness? The Chinese financial system is impressive for its size and activity while in a very real sense terrifying in its lack of prudential standards, its paucity of financial regulation, and its surreal accounting practices. How can we develop a firm understanding of the current structure and operations of China’s financial system?

Our approach will be to study China’s past financial systems, paying close attention to the period beginning in the 1820s. We will examine the evaluation of finance in China through the abrupt suspension of modern finance occurring with the rise of the Chinese Communist Party. We also examine the unique structural aspects of China’s financial system, its current issues and problems, and a variety of scenarios for its future development.

We pay special attention to the interaction between the financial system, credit allocation, and the performance of the real economy. We also investigate the current areas of fragility within China’s financial system and possible policy options.

Economics 396V: From Wall Street to the Great Wall

Spring 2012 (A Two-Week Travel Course)

Joseph C. Morreale

Anna Shostya

Course Description

This course will offer students a rare first-hand opportunity to learn about the current political, social, and economic dynamics that are impacting Chinese culture and institutions. As a result, the students will be able to better understand the challenges and opportunities that exist in China today, especially those pertaining to its business environment, financial markets and institutions, and economic development. In Beijing, where the students will climb the Great Wall, visit the Ming Tombs, and walk in Forbidden City, they will learn about the effect of isolationist policies on China’s growth and development. They will also visit Tiananmen Square and learn about the radical changes of the Mao years and the rise of the reformist government of Deng Xiaoping. In Suzhou, the students will visit a Silk Museum and learn about the importance of the Silk Road to commerce and trade. Most of the time, the students will stay in Shanghai, a major financial center of Asia, where they will explore the investment environment and China’s financial markets and institutions. The visit to the Banking Museum will help the students to recognize the differences between the U.S. and Chinese financial systems. Going to the local factory, old city, and market place will give students an opportunity to learn more about dynamics of a rising economic system. In addition, the students will have opportunities to communicate and exchange ideas with Chinese scholars and students in a Chinese University.

This travel course will be a key component of the China concentration program. It will build on the knowledge and skills that the students will gain in the other 4 courses that are offered by Economics Department.

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